Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading
professional journal read and referred to by scholars, researchers, and
policymakers in the areas of money and banking, credit markets,
regulation of financial institutions, international payments, portfolio
management, and monetary and fiscal policy. The JMCB represents a wide
spectrum of viewpoints and specializations in its fields through its
advisory board, associate editors, and referees from academic,
financial, and governmental institutions around the world.

The "moving wall" represents the time period between the last issue
available in JSTOR and the most recently published issue of a journal.
Moving walls are generally represented in years. In rare instances, a
publisher has elected to have a "zero" moving wall, so their current
issues are available in JSTOR shortly after publication.
Note: In calculating the moving wall, the current year is not counted.
For example, if the current year is 2008 and a journal has a 5 year
moving wall, articles from the year 2002 are available.

Terms Related to the Moving Wall

Fixed walls: Journals with no new volumes being added to the archive.

Absorbed: Journals that are combined with another title.

Complete: Journals that are no longer published or that have been
combined with another title.

ISSN: 00222879

EISSN: 15384616

Subjects:
Business & Economics,
Business,
Economics,
Finance

Collections:
Business & Economics Collection,
Arts & Sciences I Collection,
Business I Collection

Abstract

In addition to the usual channels, monetary policy may affect spending by changing the supply of bank loans and the creditworthiness of borrowers. This paper tests for these credit effects using a contractual difference across commercial bank loans. I find that bank loans not made under a commitment slow after tight policy, while loans under commitment accelerate or are unchanged. This divergence coincides with reports of tighter credit by lenders and by small firms, suggesting the divergence reflects a reduction in the supply of credit to the firms without commitments, rather than a reduction in their demand for loans.